Israel-based workforce management software developer Papaya Global has received $100m in a series C round featuring Workday Ventures, the corporate venture capital unit of enterprise software provider Workday.
The round was led by GreenOaks Capital Partners, which invested alongside IVP Ventures, Alkeon Capital Management, Insight Venture Partners, Scale Ventures, Bessemer Venture Partners, Dynamic Loop, New Era Capital Partners, Access Ventures and Group 11.
Papaya was founded in 2016 and operates a cloud-based platform for business customers that provides payroll, payments, employee onboarding and regulatory compliance services.
Eynat Guez, co-founder and CEO of Papaya, said: “We made a bold prediction in 2016 that Papaya’s technology would emerge as the most significant innovation for the global workforce and that we would become a standard for workforce management, just as [enterprise resource planning] has in finance. The market has proven that prediction was correct.”
The round, which valued Papaya at more than $1bn, will allow the company to meet customer demand, strengthen its market position and support its product, engineering and go-to-market divisions.
Papaya has now secured $190m in funding altogether. Papaya raised $40m in a series B round led by Scale Venture Partners with participation from Workday and ClalTech, an investment arm of industrial group Access Industries in October 2020.
Insight Partners, Bessemer Ventures, New Era Capital Partners, Group 11 and Dynamic Loop Capital also took part in the series B round.
Group 11 previously acquired stock in Papaya from undisclosed shareholders in June 2020 through a secondary transaction.
Insight Partners led the company’s $45m series A round in late 2019, which featured Bessemer Venture Partners, New Era Capital Partners and Dynamic Loop Capital.
Papaya closed a $3m round led by New Era Capital in 2018 which also included Ronald Cohen, after it previously raised $1.5m from undisclosed investors.